PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1376864
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1376864
Scope of the Report | |
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Years Considered for the Study | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD Million/Billion) |
Segments | Source, Technology, Generation and Delivery Mode, Application, Region |
Regions covered | North America, Asia Pacific, Europe, Middle East & Africa, and South America |
The global hydrogen generation market is estimated to grow from USD 158.8 billion in 2023 to USD 257.9 billion by 2028; it is expected to record a CAGR of 10.2% during the forecast period. The escalating implementation of environmental regulations and the prevailing global impetus toward sustainable practices drives the market. Technological innovation, hydrogen mobility, and decentralization further boost the growth of the hydrogen generation market.
"Gray Hydrogen: The largest segment of the hydrogen generation market, by source "
Based on source, the hydrogen generation market has been segmented into gray hydrogen, blue hydrogen and green hydrogen. The gray hydrogen segment is expected to be the largest segment during the forecast period. Gray Hydrogen is derived from the most widely used method, steam methane reforming. SMR is a mature and cost effective process that convert natural gas into hydrogen. Additionally, The abundance and accessibility of natural gas as a feedstock contribute to the high production of gray hydrogen, as it remains a readily available and economically viable option.
"Partial Oxidation segment is expected to be the second largest segment during the forecast period based on technology."
By technology, the hydrogen generation market has been split into five types: steam methane reforming, partial oxidation, coal gasification, auto thermal reforming and electrolysis. The partial oxidation segment is expected to hold the second largest market share during the forecast period. Partial Oxidation is a versatile technology for the production of hydrogen over other technologies. It uses diverse feedstocks, such as natural gas, methane, and other organic compounds. Moreover, partial oxidation is known for its ability to yield a high-purity hydrogen stream.
"By Application , transportation segment is expected to be the fastest growing segment during the forecast period."
Based on the Application, the hydrogen generation market is segmented into methanol production, transportation, petroleum refinery, ammonia production, power generation, and others. The transportation segment is expected to be the fastest growing segment of the hydrogen generation market during the forecast period. As the world shifts towards more sustainable and environmentally friendly energy solutions, hydrogen fuel cell vehicles offer a promising alternative to internal combustion engine vehicles. They emit water vapours which makes them suitable for regions with stringent emissions regulations.
"Asia-Pacific is expected to be the largest and fastest growing region in the hydrogen generation market."
Asia Pacific is expected to be the largest and fastest region in the hydrogen generation market during the forecast period. Asia Pacific is one of the rapid growing economic region in the world with highest population in the world. Asia Pacific has the highest greenhouse gase emission in the world. To overcome such issues, Asia Pacific adopted green technology to efficiently meet the growing energy needs and reduce GHG emissions. For example, The India Energy Storage Alliance's (IESA) MIGHT (Mobility and Infrastructure with Green Hydrogen Technologies) initiative aims to investigate options for India to utilize the potential of green hydrogen technologies for green energy acceleration and clean transportation uptake. According to a development plan for the hydrogen energy industry released by Chinese authorities in March 2022, by 2035, China will have built a complete hydrogen energy industry development system, with hydrogen produced from renewable energy accounting for a significant increase in its proportion in final energy consumption and playing a key role in the country's green energy transition.
By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
By Region: North America- 27%, Europe- 20%, Asia Pacific- 33%, South America- 12%, Middle East- 4% and Africa- 4%
Note: Others include sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The hydrogen generation market is dominated by a few major players that have a wide regional presence. The leading players in the hydrogen generation market are Linde plc (Ireland), Air Products and Chemicals, Inc. (US), Saudi Arabian Oil Co. (Saudi Arabia), Shell plc (UK). The major strategy adopted by the players includes new product launches, partnerships, acquisitions, and investments & expansions.
The report defines, describes, and forecasts the global hydrogen generation market by , source, technology, generation and delivery mode, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the hydrogen generation market.
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